Organto Adds Organic Green Asparagus to Product Offering and Further Expands Supply Platform
Vancouver, British Columbia (FSCwire) - Organto Foods Inc. (TSX-V: OGO, OTC: OGOFF) (“Organto”), a leading vertically integrated provider of value-added branded organic vegetables, today announced that it has added to its supply base with the addition of a new strategic supply partner located in Peru. Under the terms of the exclusive long-term agreement, initial product supply will commence in mid-November with the delivery of organic green asparagus.
“We are very pleased to have expanded our supply of products from this important supply region, and also pleased to add organic green asparagus to our line-up of value-added organic vegetable products.” commented Arnoud Maas, Chief Executive Officer of Organto. “We are excited to work this new strategic supply partner and look forward to expanding our supply relationship in 2018 and beyond in both organic green asparagus and other products as we continue to build out our vertically integrated business model.”
The addition of organic green asparagus to Organto’s current product offering of value-added organic green beans, organic snow peas and organic sugar snaps, is in response to customer interest in an expanded product offering driven by expected market demand. The new organic green asparagus product offering is expected to be distributed in bunches and trays under the Organto “I am Organic” brand, and also in private label format. Initially approximately 25 hectares of organic green asparagus will be under cultivation, and Organto intends on continuing to build supply of this product in order to complete a global year-round supply platform.
ON BEHALF OF THE BOARD,
Chief Executive Officer
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Organto is a vertically integrated provider of year-round value-added branded organic produce serving a growing socially responsible and health conscious consumer around the globe. Organto employs a business model that is integrated from the “table to the field”. Driven by consumer demand for healthy and organic food products, it operates an integrated business model with extensive logistical, processing and growing capabilities, providing complete traceability from the table back to the field. Operations are currently located in Guatemala, The Netherlands and the USA, as well as secured third-party supply from Africa and Peru, with plans to continue to expand year-round supply capabilities via strategic third-party growers and processors in Africa, Mexico and other growing regions. Organto’s business model is rooted in its commitment to sustainable business practices focused on environmental responsibility and a commitment to the communities where it operates, its people and its shareholders.
Forward Looking Statements
This news release may include certain forward-looking information and statements, as defined by law including without limitation Canadian securities laws and the “safe harbor” provisions of the US Private Securities Litigation Reform Act of 1995 (“forward-looking statements”). In particular, and without limitation, this news release contains forward-looking statements respecting Organto’s business model and markets; Organto’s vertically integrated year-round supply capabilities and plans to continue to develop and expand these capabilities; the timing of expected deliveries from this new supplier: beliefs related to current market demand and the benefits of adding organic green asparagus to Organto’s product offering; potential increases of supply from this strategic supply partner; management’s beliefs, assumptions and expectations; and general business and economic conditions. Forward-looking statements are based on a number of assumptions that may prove to be incorrect, including without limitation assumptions about the following: the ability and time frame within which Organto’s business model will be implemented and product supply will be increased; cost increases; dependence on suppliers, partners and contractual counter-parties; changes in the business or prospects of Organto; unforeseen circumstances; risks associated with the organic produce business generally, including inclement weather, unfavourable growing conditions, low crop yields, variations in crop quality, spoilage, import and export laws and similar risks; transportation costs and risks; general business and economic conditions; and ongoing relations with distributors, customers, employees, suppliers, consultants, contractors, partners and joint venturers. The foregoing list is not exhaustive and Organto undertakes no obligation to update any of the foregoing except as required by law.
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Source: Organto Foods Inc. (TSX Venture:OGO, OTC Pink:OGOFF)
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